In an extremely volatile session Indian market got a weak start, but covered most of the loses in the final hour of the trade and closed with marginal losses. SENSEX closed at 16445, down 74 points and Nifty at 4931, down 16 points from the previous close. CNX MIDCAP index was down 1.4% and BSE SMALLCAP index was down 1.5%. The market breadth was negative with advances at 324 against declines of 963 on the NSE. POWER and REALITY attracted major selling while FMCG and AUTO stood firm. Top gainers included ITC, M&M, MARUTI, BHARTIARTL, ACC and GAIL. Top losers are listed as NTPC, HINDALCO, GRASIM, HUL, TATAPOWER and SIEMENS.

Next Day Trading Session:

In the next session, 5080 may act as a hurdle for NIFTY, while 4830 might be good support level. However, traders are suggested to follow the strategy of selling at gains as long as nifty is trading below 5011. FMCG and OIL-GAS STOCKS may attract buying while REALITY may again appear weak.

Weekly Techno-Funda Calls

We would provide techno funda calls from 1st June onwards since by that time a clearer picture of euro zone will emerge and also most of the companies would have declared their FY10 results by then

Fundamental Picks

Investors having a horizon of 6-12 months can buy the following companies. The companies have a potential to give higher returns than index over a long term.

Corporate Highlights

Falcon Tyres has announced that Monotona Tyres has become subsidiary of Falcon Tyres with effect from 21 May 2010 The board of Great Eastern Shipping Company has appointed K. V. Kamath as additional director of the company with effect from 22 May 2010.

The board of LS Industries in its meeting on 21 May 2010 has took note that process of total acquisition of shares and control of Ezy Infosoft has been completed and Ezy Infosoft has become a wholly owned subsidiary of the company with effect from 19 May 2010.

IAG Company has announced that the company has started commercial production from the glass furnace no. 2 of the company's factory at Bhurkunda, Jharkhand from 15 May 2010.